FED "Independence": A "Public" Agency Wholly Captured by Wall Street Poses Grave Threat
FED independence is a total farce while firms like BlackRock run America vicariously through it
Happy Fourth of July (to those who still celebrate)! The Federal Reserve system — and the Wall Street megabanks that have captured and perverted the FED for their sole benefit — are perhaps the single greatest, unchecked threat to the future prosperity and security of our country. The founders of America would be utterly horrified at the sprawling power of America’s central banksters.
Thomas Jefferson often warned against the dangers of central banking. As Rudy Havenstein reminds us, Jefferson once wrote that “banking establishments are more dangerous than standing armies; and that the principle of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale.”
Jefferson’s quote was later embellished to include:
“If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children wake up homeless on the continent their Fathers conquered…”
This statement is spuriously attributed to Jefferson, but we’re positive he would have agreed with the sentiment. It’s no coincidence that the spurious quote popped up around 1933. The Federal Reserve, formulated by a secretive cabal of private bankers on Jekyll Island in just 1913, had just helped plunge America into the Great Depression, after spurring on the excesses of the roaring ‘20s.
And so history rhymes today. After the FED pumped trillions to their cronies on Wall Street under the guise of “pandemic” relief - including $48 FUCKING TRILLION in overnight repo loan bailouts, they are again plunging America into an inflationary recession, and quite possibly depression. It’s eerily reminiscent of a more recent quote attributed to the World Economic Forum: “You’ll own nothing, and you’ll be happy.”
As we and others have warned, the World Economic Forum - whose board consists of folks like Carlyle Group CEO David Rubenstein and BlackRock CEO Larry Fink - has already “penetrated” the government of the United States of America. It is no more apparent than at the FED. Fed Chair Jay Powell is a former Wall Street lawyer and ex-Carlyle private equity vulture with a net worth north of $100MM. Powell also meets privately one-on-one with Larry Fink around key policy meetings. No, this is not normal or appropriate, and it certainly doesn’t strike one as independent.
For the past few decades, the FED has gone hog-wild to make Wall Street and the 1% richer than their wildest dreams — largely at the expense of the working middle class. And things have gotten markedly worse under the reign of Inflation King and “Private Equity Man” Powell. His law license is expired. He never studied economics. And he seems to fancy himself a politician.
But there’s more. This supposedly “independent” official meets privately one-on-one with our elected “representatives” in Congress upwards of a dozen times a month. He also meets privately several times a month with the Treasury Secretary - who herself used to be the Fed Chair (no doubt to coordinate massive debt monetization). In May alone, he met with Yellen at least 5 times, including the meeting with Yellen and Biden. Real independent, huh.
The FED constantly harps on its supposed independence and the importance of a monetary policy free from the influences of outside political and special interests. Its website says: “Experience around the world has also shown that countries with independent central banks that are able to make decisions free from political influence have better economic outcomes for their citizens.” If only that were the case.
People often lament the fact that the FED is both independent and private. That may be true of the FED regional banks, though they too derive their authority from the American government. Too often folks look past the fact that the Federal Reserve Board in DC is a 100% public federal agency that is SUPPOSED to serve the public interest with transparency and accountability to the American people.
Of course, the FED is the complete opposite of credible, transparent or accountable in practice.
So what can we do until there is enough groundswell of support to end the FED entirely? The FED’s powers must be substantially curtailed. And there are specific, practical proposals in place to do just that. For example, take Charles Prosser, the former Philly FED President. Earlier this year, he proposed (1) limiting the FED’s ability to purchase any assets other than U.S. Treasury Securities and (2) stripping the FED of its Section 13(3) emergency powers!
We encourage everyone to read his working paper and promote its ideas. Indeed, as we’ve explained many times, the FED’s illicit purchase of $2.7 Trillion in residential mortgage-backed securities has caused the worst housing inflation crisis in American history. All to enrich institutional investors like BlackRock’s portfolio companies who had the opportuniy to frontrun the FED’s purchases during a pandemic.
We hope you all enjoy some backyard burgers and fireworks today. But we also hope you keep in mind just how urgent and grave a threat the current FED-Wall Street corruption poses to the very fabric of our society. We, the 99%, the middle and working class, must all “hang together or, most assuredly, we will all hang separately.”
-#OccupyTheFed
FED "Independence": A "Public" Agency Wholly Captured by Wall Street Poses Grave Threat
In a system that boasts of "checks and balances", who checks the Fed?
Don't tell me its the Senate Banking Committee that questions gender equality and green energy rather than Repo activity and spikes in the money supply.
In a system that boasts of "checks and balances", who checks the Fed?
And don't suggest its the Senate Banking Committee....who only seem to question gender inclusion and Green Power initiatives.